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The Week in Germany: Business and Technology October 27, 2006 Germany, Italy Support European Stock Exchange Germany and Italy support the creation of a common European stock exchange, Finance Minister Peer Steinbrück said on Tuesday after a meeting with his Italian counterpart Tommaso Padoa Schioppa. The two ministers said the decision rested with the owners of Deutsche Börse, the German stock exchange in Frankfurt, the Italian exchange in Milan and four-nation Euronext exchange. But Germany and Italy were ready to provide "political backing to a concept which we believe will strengthen Europe as a financial center," the German minister said as reported by dpa. He said the issue needed to be discussed with French Finance Minister Thierry Breton, whose country's Bourse is part of Euronext, along with the Amsterdam, Brussels, and Lisbon exchanges. The French-dominated Euronext turned down an offer from Deutsche Börse last May and agreed to be acquired by the New York Stock Exchange for 8 billion euros ($10.2 billion). Breton is reportedly opposed to the trans-Atlantic link-up, which has drawn criticism from some Euronext shareholders who prefer an all-European deal. Steinbrück said the German, Italian and French finance ministers were interested in closer cooperation among continental Europe's exchanges. He referred to a recent report by Europlace, a business organization representing many of the largest French corporations quoted on Euronext, which said the European exchange operator should seek a European consolidation before pursuing the NYSE venture. Links: |
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